Security inspection market is expected to reach a market size of USD 11.23 billion in 2027 and register a CAGR of 6.6% over the forecast period
NEW YORK, NY, UNITED STATE, November 18, 2021 /EINPresswire.com/ — The global security inspection market is expected to reach a market size of USD 11.23 Billion by 2027 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. Security inspection market revenue growth is driven steadily by high demand for security checks of bags, vehicles, persons, and other articles at airports and railways. Security checks are necessary at secured areas to prohibit smuggling or movement of illegal substances and items.
Technological advancements and development of advanced x-rays, electromagnetic detectors, explosive trace detectors, and others are contributing to growth of the global market. Various countries have increased spending on security equipment and enhancing their security inspection across different verticals, which are primary factors driving growth for the market. Increasing security measures and systems is expected to continue to contribute to growth of the market.
Players in the market are investing in research and development to develop security inspection systems such as Nuclear Quadrapole Resonance (NQR). This technology is designed to detect explosives hidden under layers of clothes and footwear and is deployed in airports, with high deployment in countries in Europe and North America.
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Further key findings in the report
Checkpoint screening system through machine learning is expected to witness high growth in revenue terms. Body scans technologies are progressing towards becoming walk-through instead of stop-and-scan.
Aviation segment among the application segments maintained its dominance in terms of revenue share in 2019. Security inspection enable authorities at airports to reduce threats to passenger, personnel, and aircraft. Use of x-rays and infrared to detect contraband and illegal items passing through airports is relatively high.
Personal screening systems account for the largest share in product segment in 2019. The rise in insider threats and related efforts to screen personnel at point of hire drives the demand for personal screening system, especially in international airports.
North America accounted for largest revenue share in the security inspection market in 2019. Increased investment in defense and security is a primary factor fueling growth of the market. Market growth is driven by high demand for such services in the U.S. For instance, the U.S. Department of homeland security proposed USD 7.79 billion budget for transportation security administration in 2020.
Key participants include Nuctech Company Limited, Leidos, Rohde & Schwarz, Smiths Group plc, Unival Group GmBH, Rapiscan Systems, Analogic Corporation, Brucker, Astrophysics Inc., and Braun & Co. Limited.
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Reports and Data has segmented the global security inspection market on the basis of product, type, services, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Checkpoint screening systems
Personnel screening systems
Liquid and radioactive substance monitors
Vehicle inspection systems
Cargo and baggage inspection systems
Explosives & drugs trace detection systems
Type Outlook (Revenue, USD Billion; 2017-2027)
Services Outlook (Revenue, USD Billion; 2017-2027)
Maintenance and repair services
Security consulting services
Security training services
Installation and integration services
Application Outlook (Revenue, USD Billion; 2017-2027)
Critical infrastructure protection
Correctional facilities and law enforcement
Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of MEA
Rest of LATAM
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Security Inspection Market Segmentation & Impact Analysis
4.1. Security Inspection Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
126.96.36.199. Surge in demand for full-body x-ray screening systems across important facilities
188.8.131.52. Increasing adoption of vehicle inspection system across border checkpoints
4.2.3. Market restraints analysis
184.108.40.206. Prevalence of legacy security inspection system
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence…
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Source: EIN Presswire